Binance, Gemini and OTC Knows Who Attacked LUNA

Are we really supposed to believe that Gemini, Binance, and OTC people did not do a KYC on the attacker who is transacting in billions of dollars in a day? That is as plausible as Jeffrey Epstein killing himself and I frankly would not be surprised if the attackers had ties to Jeffrey Epstein himself.

Below is an article about how the attacker(s) attacked LUNA and the UST peg. They sold $650 million of UST on Binance and considering Binance does KYC for such large amounts and this was an obvious attack, why doesn’t the Terra community turn up the heat on Binance to expose the attacker?

How was the KYCed attacker allowed to violate Binance’s TOS without having their account frozen, suspended, and investigated? Is dumping $650 million of stable coins on an exchange to take a sure loss considered “normal market activity” or was it one step in a series of steps required to manipulate the market?

Binance’s Terms of Service below:

b. Restriction

When you use Binance Services, you agree and undertake to comply with the following provisions:

During the use of Binance Services, all activities you carry out should comply with the requirements of applicable laws and regulations, these Terms, and various guidelines of Binance;

Your use of Binance Services should not violate public interests, public morals, or the legitimate interests of others, including any actions that would interfere with, disrupt, negatively affect, or prohibit other Users from using Binance Services;

You agree not to use the services for market manipulation (such as pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing or layering, regardless of whether prohibited by law);


This has been bugging me from the moment this got out. Clearly some of us have direct lines with CZ. Why not challenge this?


I don’t think selling $650 million is a crime but allowing people to sell and withdraw money that you don’t have is a crime. The exploit existed and it was only a matter of time.

Market manipulation is a crime. It was not merely someone selling $650 million of UST to take a loss out of the goodness of their heart.The motive was to cause a depeg and it was one step in a series of steps to manipulate the market.


No. They were only successful because Terra didn’t had enough reserve to back all the $$$ they were selling and the exploiter knew that.

Why then the same exploiter is not doing the same with USDT or USDC and get more rich?

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Yes. But the difference is Banks have a safety mechanism, they will not allow withdrawals when a certain limit is hit.

No, their “safety mechanism” is government force and taxpayer bailouts or else they should have all been dissolved after 2008-2009.


All Terra had to do was halt all UST withdrawals and Transfers immediately.


All Binance had to do is freeze the account for suspicious activity, investigate it for violating ToS, and suspend it for violating ToS.

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Binance cannot do that… it’s none of their business as long as its not hacked. Every exchange also has their own safety mechanism that is you can only withdraw X amount of BTC per day.

Binance cannot freeze or suspend the account of KYCed users in clear violation of their ToS after agreeing to it? Is that what you’re saying?

Cannot reply anymore so making edits to respond:

From Binance themselves:
“Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform,” a company spokesman says.

I would certainly qualify dumping $650 million of a stablecoin instantly to take a loss as “suspicious activity.”

Yeah, don’t focus on massive attackers. Just let them run wild and rampage the crypto community. I am sure that will help the present and future situations. What a terrible joke.

Reply to kingy: If they were found committing a crime like market manipulation, which is 99% certain at this point, they should be under investigation. Of course I don’t believe the government will investigate itself. But what’s the point of KYC? It appears if you’re big enough, you can commit whatever financial crime you want and blame it on an “exploit.”

Reply to Iddy: As stated previously, the attacker who had billions plus access to OTC, exchanges, and even a Twitter propaganda campaign to spread Fud, was obviously a large entity, and the government is not going to investigate itself or its bosses as 2008-2009 proved, which is (supposedly) why BTC was created. If the crypto community cannot take this on, in essence, they are saying the attacker is “too big to fight,” throwing in the towel, and crypto will become exactly like TradFi in no time.

At a minimum, the account should have been frozen for suspicious activity per Binance’s own policies.


They can but we are only assuming at this point. Lots of speculations out there.

But the point is if an exploit exists then someone is going to take advantage of it.

Further, it doesn’t help the present situation. Now we should focus on how to fix this first.

I think if you have any evidence or at least prima facie on this case, you must liaise with authority at your jurisdiction. Binance will cooperate with the authorities if only they are legally required to comply with. They cannot simply disclose the information of their customers without any legal ground.

What happened the other day is the biggest scam ever. 3,4 trillion dollars were flowing on the 12th of may. The discussion before the event happened was that a big enough whale with opposed interests to LUNA could try to unbalance the UST-peg to take profit from it. 3 days later after everything occured, I still think that what we were discussing occured. We can try to blame Do Kwon or the team cuz their duty was to protect us from that. But the most important thing is to identify them and show the world who was the person who stole billions of dollars from random people around the world. If that was a crime, it would be a crime in every country were a person lost their money and we must defend our friends and fight against them. For example, in Argentina, their are already gathering different point of view of scammed people in LemonSwap, that scammed them really hard. Let’s keep going forward

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And how about cz taking advantage of hurt and devastated people to spread more hate and fear towards the terra ecosystem? I hate how he’s making it look like a scam

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You cannot blame CZ. At least he is saying the right things. Terra team has disappeared… no communication, no transparency no nothing… it’s just us here trying to find solution amongst ourselves.


I agree that the fact that we haven’t heard a single word lately is bad, but taking advantage of it is another thing, just saying.

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its not a crime in crypto. Its unregulated, thats the issue.

Exactly that.

Indeed CZ is just as guilty as the “hackers” at this point.